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Why FreeSeas (FREE) Stock Is Up Today

NEW YORK (TheStreet) -- FreeSeas (FREE - Get Report) was gaining 22.8% to $1.40 Monday on momentum trades following the arrival of NewLead's (NEWL) new vessel.

NewLead, a shipping competitor for FreeSeas, announced that it received a new eco-type vessel is agreed to acquire in March for $18.5 million. The new vessel, dubbed the NewLead Albion, now has a market value of about $20.25 million according to NewLead.

Shares of competitor Eagle Bulk Shipping(EGLE) were also gaining following NewLead's news.

"FreeSeas Inc. (FreeSeas) is a parent holding company of its ship-owning companies. The Company's fleet consists of six Handysize vessels and one Handymax vessel that carry a variety of drybulk commodities, including iron ore, grain and coal, which are referred to as bulks, as well as bauxite, phosphate, fertilizers, steel products, cement, sugar and rice, or minor bulks. In March 2014, the Company announced that it has sold the M/V Free Knight, a 1998-built, 24,111 dwt Handysize dry bulk carrier."